Spike in Payrolls Causes Surge in Major Indices (MU,EL)

A slew of positive economic data came out today, sending major indices up over 1 percent, and the Nasdaq over 1.5 percent. The primary driving force behind the rally was the Labor Department report that unemployment had dropped to 8.3 percent, with the biggest increase in net jobs added in nine months. The Commerce Department also reported that December manufacturing orders were up 1.1 percent, on the heels of a 2.2 increase in November. This puts together the picture of an economy in recovery, albeit a gradual recovery. In more somber news, the CEO of Micron Technology (MU) died in a small plane crash, the company reported today. Estee Lauder (EL) reported a 15 percent increase in net sales in Q2.

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Published on Feb 3, 2012
By InvestorGuide Staff

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